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Get To Know Montreal, Quebec
- Montreal; officially Montréal, French: is the second-most populous city in Canada and most populous city in the Canadian province of Quebec. Founded in 1642 as Ville-Marie, or “City of Mary”, it is named after Mount Royal, the triple-peaked hill in the heart of the city. The city is situated 196 km east of the national capital Ottawa, and 258 km southwest of the provincial capital, Quebec City.
- Montreal has hosted multiple international conferences and events, including the 1967 International and Universal Exposition and the 1976 Summer Olympics. It is the only Canadian city to have held the Summer Olympics. In 2018, Montreal was ranked as a global city. The city hosts the Canadian Grand Prix of Formula One since 1978, as well as the Montreal International Jazz Festival, the largest jazz festival in the world, the Just for Laughs festival, the largest comedy festival in the world, and Les Francos de Montréal, which is the largest event devoted exclusively to French-language music anywhere in the world. It is also home to ice hockey team Montreal Canadiens, the franchise with the most Stanley Cup wins.
- Montreal is in the southwest of the province of Quebec. The city covers most of the Island of Montreal at the confluence of the Saint Lawrence and Ottawa Rivers. The port of Montreal lies at one end of the Saint Lawrence Seaway, the river gateway that stretches from the Great Lakes to the Atlantic.
- The city of Montreal is world-renowned for in the top 20 most cyclist-friendly cities around the globe. It follows that they have one of the world’s most successful bike share systems in BIXI.
Montreal Residential Market
- In Feb. 2022, the median price of a single family home was $550,000. That’s a 20% increase since last February and a slight increase from the previous month.
- Condos were up by 16% to $395,000 compared to last February with a slight increase from the previous month.
- Sales in February were down 12% since last February. However, sales of properties over $700,000 reached 1,002 in February 2022 compared to 793 in February 2021.
- Market conditions remain at historically tight levels despite the slowdown in inventory decline, still giving sellers a substantial advantage.
- Overbidding remains very present in the CMA market, particularly in sectors outside the Island of Montreal. In February, it affected more than 50 per cent of all residential real estate transactions.
About Quebec Residential Market
- In Feb. 2022, the median single-family home price was $422,000 compared to $335,000 in Feb. 2021, a 26% increase.
- In Feb. 2022, the median condo home price was $360,000 compared to $300,000 in Feb. 2021, a 20% increase.
- The Honourable Pascale St-Onge, Minister of Sport and Minister responsible for CED, on March 15 announced a non-repayable contribution of $2.6M for Montréal en Histoires. This CED support will enable it to enhance its tourism offering and thereby participate in the economic development and dynamism of a city hit hard by the pandemic.
- As of March 14, Montreal’s vibrant array of hotels, restaurants, bars, boutiques and malls, museums, theatres, concert and sports venues, popular attractions and more are open at full capacity and ready to serve all comers in a manner that is mindful of safety and security.
- Bars, nightclubs, restaurants, music venues, casinos, breweries, art galleries, zoos, rec centres, amusement parks and sporting events are open and ready to welcome locals and tourists alike.
- All international travellers are now eligible to enter Canada if they qualify as a fully vaccinated traveller, regardless of citizenship.
- In July 2021, Eve Paré, head of the Hotel Association of Greater Montreal, said it may be up to two years may be required for the industry to return to pre-pandemic profit levels — and that’s assuming hoteliers can solve an acute worker shortage on short notice.
- The levels of Montreal tourism were routinely breaking records prior to the pandemic, the agency said, adding that the tourism industry, particularly business tourism, was one of the sectors hit hardest by the COVID-19 outbreak and requires continued support if better results are expected for 2022.